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Irish economy > First reading mcq > Flashcards

First reading mcq Flashcards

1
Q

What major event began to weaken the globalisation system that emerged after 1945?
A) Industrial Revolution
B) Global Financial Crisis (2007-09)
C) The rise of the internet
D) Formation of the World Trade Organization (WTO)

A

B) Global Financial Crisis (2007-09)

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2
Q

What economic policy has the Biden administration embraced, impacting globalisation?
A) Free trade
B) Industrial policy and subsidies
C) Gold standard
D) Universal basic income

A

B) Industrial policy and subsidies

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3
Q

Which country has banned nickel exports in response to global supply chain concerns?
A) Chile
B) Indonesia
C) Argentina
D) Bolivia

A

B) Indonesia

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4
Q

What is a significant risk of “zero-sum” economic policies?
A) Improved global security
B) Reduction in public spending
C) Increased trade liberalisation
D) Corrosion of global security and rising costs

A

D) Corrosion of global security and rising costs

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5
Q

What is the projected cost of replicating global tech-hardware investments according to The Economist?
A) $1.5 trillion
B) $3.1 to $4.6 trillion
C) $500 billion
D) $6 trillion

A

B) $3.1 to $4.6 trillion

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6
Q

Why does the U.S. fear dependence on China for batteries?
A) Technological superiority of China
B) Strategic importance for military and energy
C) Low cost of Chinese products
D) Environmental policies in China

A

B) Strategic importance for military and energy

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7
Q

How has the role of European officials changed due to increased protectionism?
A) Lowered scrutiny of business deals
B) Scrutinised nearly a third of cross-border deals
C) Banned foreign investments
D) Increased trade with China

A

B) Scrutinised nearly a third of cross-border deals

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8
Q

What economic concept involves policies that benefit one nation at the cost of another?
A) Protectionism
B) Zero-sum thinking
C) Free-market capitalism
D) Comparative advantage

A

B) Zero-sum thinking

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9
Q

Which region has been seen as a “dangerous spiral into protectionism”?
A) Europe
B) Asia
C) North America
D) South America

A

A) Europe

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10
Q

What action has Indonesia taken to protect its battery raw materials industry?
A) Increased trade with the U.S.
B) Introduced export controls on nickel
C) Increased subsidies to foreign investors
D) Partnered with China to develop its mines

A

B) Introduced export controls on nickel

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11
Q

Which international trade body warned against the rising tide of protectionism?
A) World Trade Organization (WTO)
B) International Monetary Fund (IMF)
C) United Nations (UN)
D) World Bank

A

A) World Trade Organization (WTO)

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12
Q

How have U.S. subsidies impacted global industries like semiconductors?
A) Encouraged international cooperation
B) Increased global competition and protectionism
C) Decreased U.S. dominance in the sector
D) Led to a decline in global semiconductor production

A

B) Increased global competition and protectionism

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13
Q

What was the estimated size of U.S. green energy and tech subsidies?
A) $100 billion
B) $300 billion
C) $465 billion
D) $1 trillion

A

C) $465 billion

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14
Q

What is one possible consequence of zero-sum policies in the global economy?
A) Global economic growth
B) Increased military spending worldwide
C) Creation of new free trade agreements
D) Slower green transition and higher costs

A

D) Slower green transition and higher costs

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15
Q

Which of the following countries is most likely to collaborate in the lithium production sector in an OPEC-style manner?
A) Bolivia, Argentina, Chile
B) Germany, France, Italy
C) Japan, South Korea, China
D) Canada, Mexico, U.S.

A

A) Bolivia, Argentina, Chile

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16
Q

Which of the following regions will be one of the largest economies by 2050?
A) Brazil
B) India
C) Indonesia
D) Both B and C

A

D) Both B and C

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17
Q

What is a significant criticism of the Biden administration’s industrial policies?
A) They may enhance China’s dominance
B) They foster cooperation among emerging economies
C) They can raise global costs, especially for the green transition
D) They reduce U.S. industrial competitiveness

A

C) They can raise global costs, especially for the green transition

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18
Q

What major change occurred after the 2007-09 financial crisis that weakened globalisation?
A) Introduction of new international trade regulations
B) Waning U.S. interest in maintaining global trade rules
C) Increase in cross-border mergers
D) Strengthened relations between the U.S. and China

A

B) Waning U.S. interest in maintaining global trade rules

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19
Q

Why are many countries providing subsidies for chipmaking plants?
A) To meet demand for consumer electronics
B) To reindustrialise their economies
C) To counter China’s semiconductor dominance
D) To create jobs for local workers

A

C) To counter China’s semiconductor dominance

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20
Q

What is a potential effect of duplicating global green supply chains?
A) Decrease in renewable energy costs
B) Increased dependency on fossil fuels
C) Higher global costs for green transition
D) Faster transition to a zero-carbon economy

A

C) Higher global costs for green transition

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21
Q

What principle suggests that international trade can be mutually beneficial?
A) Comparative advantage
B) Absolute advantage
C) Protectionism
D) Trade barriers

A

A) Comparative advantage

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22
Q

Which economic theory posits that free markets are the most efficient in allocating resources?
A) Keynesian economics
B) Supply-side economics
C) Classical economics
D) Monetarism

A

C) Classical economics

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23
Q

What is a primary argument against protectionism?
A) It protects domestic jobs
B) It leads to higher consumer prices
C) It promotes economic self-sufficiency
D) It encourages domestic investment

A

B) It leads to higher consumer prices

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24
Q

The term “deglobalisation” primarily refers to:
A) Increasing global trade agreements
B) A decline in cross-border economic interactions
C) Strengthening international organizations
D) Expansion of multinational corporations

A

B) A decline in cross-border economic interactions

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25
Q

Which of the following is considered a negative externality of globalization?
A) Increased economic growth
B) Job creation in developing countries
C) Environmental degradation
D) Higher consumer choice

A

C) Environmental degradation

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26
Q

The concept of “strategic autonomy” in the context of international trade refers to:
A) Countries relying solely on their own resources
B) Nations diversifying their economic partnerships
C) A focus on bilateral trade agreements
D) An isolationist economic policy

A

B) Nations diversifying their economic partnerships

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27
Q

What is the primary purpose of the World Trade Organization (WTO)?
A) To enforce trade restrictions
B) To promote free trade and resolve disputes
C) To regulate currency exchange
D) To encourage regional trade blocs

A

B) To promote free trade and resolve disputes

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28
Q

What does the term “buy American” imply in the context of U.S. industrial policy?
A) Encouragement of international sourcing
B) Promotion of domestic manufacturing
C) Reduction of tariffs on imports
D) Elimination of trade deficits

A

B) Promotion of domestic manufacturing

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29
Q

Which of the following is a criticism of industrial policy?
A) It fosters competition
B) It can lead to government inefficiency
C) It encourages foreign investment
D) It stabilizes markets

A

B) It can lead to government inefficiency

30
Q

The phrase “polycrisis” refers to:
A) A single major economic crisis
B) Multiple interrelated crises occurring simultaneously
C) A stable global economic environment
D) A recovery from financial instability

A

B) Multiple interrelated crises occurring simultaneously

31
Q

What is a common argument in favor of globalization?
A) It reduces economic inequality
B) It creates jobs in all countries
C) It facilitates economic growth and development
D) It leads to cultural homogenization

A

C) It facilitates economic growth and development

32
Q

Which factor is often cited as a driving force behind the rise of protectionist policies?
A) Increasing globalization
B) Job losses in certain industries
C) Improved economic growth
D) Enhanced international cooperation

A

B) Job losses in certain industries

33
Q

Which of the following describes a potential benefit of multinational corporations?
A) They can monopolize local markets
B) They contribute to local economies through investment
C) They increase job insecurity
D) They lead to cultural erosion

A

B) They contribute to local economies through investment

34
Q

In economic terms, “decoupling” refers to:
A) The integration of global supply chains
B) Reducing reliance on foreign markets and goods
C) Increasing foreign direct investment
D) Strengthening international trade relations

A

B) Reducing reliance on foreign markets and goods

35
Q

The phenomenon of “economic nationalism” is characterized by:
A) Strong support for free trade agreements
B) Preference for local over foreign products and industries
C) Global cooperation on economic policies
D) Open immigration policies

A

B) Preference for local over foreign products and industries

36
Q

What is a significant challenge posed by technological advancements in global trade?
A) Decreased efficiency
B) Increased barriers to entry for developing countries
C) Greater transparency
D) More stable prices

A

B) Increased barriers to entry for developing countries

37
Q

Which of the following best describes “tariffs”?
A) Subsidies given to local industries
B) Taxes imposed on imported goods
C) Grants provided for export businesses
D) Agreements between trading nations

A

B) Taxes imposed on imported goods

38
Q

The phrase “trade war” refers to:
A) Disputes over trade regulations
B) Competition between different countries to dominate trade
C) A situation where countries impose tariffs and other trade barriers against each other
D) Efforts to promote international trade

A

C) A situation where countries impose tariffs and other trade barriers against each other

39
Q

A key reason for the rise in global trade since the 1990s has been:
A) Increasing protectionism
B) Advances in technology and communication
C) Decline in foreign direct investment
D) Stronger national borders

A

B) Advances in technology and communication

40
Q

The economic concept of “comparative advantage” suggests that:
A) Countries should produce everything domestically
B) Specialization and trade can benefit all trading partners
C) Protectionist policies are necessary for growth
D) Countries should avoid trade to maintain independence

A

B) Specialization and trade can benefit all trading partners

41
Q

Which of the following best describes a trade barrier?
A) Policies that encourage foreign investment
B) Restrictions that make it difficult to trade between countries
C) Incentives for local businesses
D) Agreements to eliminate tariffs

A

B) Restrictions that make it difficult to trade between countries

42
Q

The term “economic liberalization” refers to:
A) Increasing government intervention in the economy
B) Reducing restrictions on trade and investment
C) Establishing stricter regulations for businesses
D) Promoting protectionist policies

A

B) Reducing restrictions on trade and investment

43
Q

Which concept suggests that free trade leads to more efficient allocation of resources?
A) Protectionism
B) Mercantilism
C) Specialization
D) Nationalism

A

C) Specialization

44
Q

What is a potential downside of globalization for developing countries?
A) Increased job opportunities
B) Exposure to international markets
C) Dependency on foreign economies
D) Access to advanced technology

A

C) Dependency on foreign economies

45
Q

The term “industrial policy” is best defined as:
A) Policies promoting deregulation in industries
B) Government strategies aimed at promoting specific sectors of the economy
C) International agreements on trade standards
D) Guidelines for environmental protection

A

B) Government strategies aimed at promoting specific sectors of the economy

46
Q

What does “import substitution” aim to achieve?
A) Increase reliance on foreign goods
B) Promote domestic industries by reducing imports
C) Lower consumer prices
D) Enhance international competitiveness

A

B) Promote domestic industries by reducing imports

47
Q

Which of the following is often a motivation for countries to pursue trade agreements?
A) To isolate themselves economically
B) To foster economic cooperation and reduce tariffs
C) To promote competition among local industries
D) To increase restrictions on foreign investment

A

B) To foster economic cooperation and reduce tariffs

48
Q

What is one of the main criticisms of globalization?
A) It decreases cultural exchange
B) It can lead to economic inequality within and between countries
C) It promotes national sovereignty
D) It enhances environmental sustainability

A

B) It can lead to economic inequality within and between countries

49
Q

Which of the following best describes the “invisible hand” concept in economics?
A) Government intervention is necessary for economic growth
B) Self-interested behavior can lead to positive social outcomes
C) All markets should be strictly regulated
D) Competition leads to market failures

A

B) Self-interested behavior can lead to positive social outcomes

50
Q

In the context of global supply chains, the term “reshoring” refers to:
A) Moving production back to the home country
B) Outsourcing production to other countries
C) Expanding manufacturing in foreign markets
D) Establishing new trade routes

A

A) Moving production back to the home country

51
Q

What principle states that countries should specialize in goods they can produce most efficiently?

A) Absolute Advantage
B) Trade Protectionism
C) Comparative Advantage
D) Market Failures

A

C) Comparative Advantage

52
Q

What is the primary goal of protectionist policies?

A) To encourage international cooperation
B) To protect domestic industries from foreign competition
C) To promote free trade
D) To reduce government intervention in the economy

A

B) To protect domestic industries from foreign competition

53
Q

Industrial policy is primarily concerned with:

A) Promoting deregulation in all sectors
B) Supporting specific sectors of the economy to enhance competitiveness
C) Limiting foreign investment
D) Reducing government spending

A

B) Supporting specific sectors of the economy to enhance competitiveness

54
Q

Global supply chains illustrate:

A) The isolation of national economies
B) The interconnectedness of production and distribution across countries
C) A return to protectionist policies
D) Decreased efficiency in resource allocation

A

B) The interconnectedness of production and distribution across countries

55
Q

What does zero-sum thinking imply in the context of international trade?

A) Trade benefits everyone involved
B) One country’s gain is another’s loss
C) Free trade promotes economic growth
D) All countries benefit equally from trade

A

B) One country’s gain is another’s loss

56
Q

Economic nationalism prioritizes:

A) International cooperation over domestic interests
B) Domestic industries over foreign trade and investment
C) Free markets and deregulation
D) Open immigration policies

A

B) Domestic industries over foreign trade and investment

57
Q

The primary purpose of trade agreements is to:

A) Restrict international competition
B) Promote trade by reducing tariffs and barriers
C) Protect local markets from foreign influence
D) Increase government control over trade

A

B) Promote trade by reducing tariffs and barriers

58
Q

Decoupling in international relations refers to:

A) Strengthening economic ties between countries
B) Reducing economic interdependence between nations
C) Increasing globalization and trade
D) Enhancing cooperation on global issues

A

B) Reducing economic interdependence between nations

59
Q

The term “polycrisis” indicates:

A) A single economic crisis affecting all nations
B) Multiple interrelated crises impacting global stability
C) An era of stable economic growth
D) A return to traditional trade practices

A

B) Multiple interrelated crises impacting global stability

60
Q

What is the main role of the World Trade Organization (WTO)?

A) To enforce trade barriers
B) To promote international trade and resolve disputes
C) To manage national currencies
D) To regulate foreign investment

A

B) To promote international trade and resolve disputes

61
Q

What do global value chains (GVCs) refer to?

A) The process of nationalizing industries
B) The distribution of production processes across different countries
C) The increase in domestic production
D) The creation of local supply networks

A

B) The distribution of production processes across different countries

62
Q

A trade deficit occurs when:

A) A country exports more than it imports
B) A country imports more than it exports
C) There is an equal amount of exports and imports
D) A country has no international trade

A

B) A country imports more than it exports

63
Q

Foreign Direct Investment (FDI) is important because it:

A) Decreases domestic employment
B) Increases capital flow and job creation in the host country
C) Encourages protectionist policies
D) Limits technology transfer

A

B) Increases capital flow and job creation in the host country

64
Q

Trade liberalization primarily aims to:

A) Increase tariffs on imported goods
B) Reduce barriers to international trade
C) Protect domestic industries
D) Isolate economies from global markets

A

B) Reduce barriers to international trade

65
Q

How can globalisation impact environmental sustainability?

A) It leads to better environmental practices
B) It can increase pollution and resource depletion
C) It has no effect on the environment
D) It promotes renewable energy exclusively

A

B) It can increase pollution and resource depletion

66
Q

Economic inequality can be exacerbated by globalisation because:

A) It equally distributes wealth across nations
B) It often benefits the wealthy and skilled workers more than the poor
C) It eliminates poverty worldwide
D) It focuses on local economies

A

B) It often benefits the wealthy and skilled workers more than the poor

67
Q

The cultural impact of globalisation can include:

A) Homogenization of cultures and loss of local identities
B) Strengthening of national cultures
C) Increased isolation of cultures
D) Complete eradication of cultural diversity

A

A) Homogenization of cultures and loss of local identities

68
Q

What is the primary role of organizations like the IMF and World Bank?

A) To promote military cooperation
B) To manage and stabilize the global economy
C) To restrict international trade
D) To enforce environmental regulations

A

B) To manage and stabilize the global economy

69
Q

The digital economy is characterized by:

A) Decreased reliance on technology
B) The rise of e-commerce and online business models
C) A return to traditional retail
D) Limited global connectivity

A

B) The rise of e-commerce and online business models

70
Q

Geopolitical tensions, such as those between the U.S. and China, can affect trade by:

A) Enhancing cooperation between the two nations
B) Leading to increased tariffs and restrictions
C) Decreasing the importance of international relations
D) Strengthening global supply chains

A

B) Leading to increased tariffs and restrictions

Irish economy (13 decks)

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